| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w20556 |
| 来源ID | Working Paper 20556 |
| Dynamic Debt Deleveraging and Optimal Monetary Policy | |
| Pierpaolo Benigno; Gauti B. Eggertsson; Federica Romei | |
| 发表日期 | 2014-10-06 |
| 出版年 | 2014 |
| 语种 | 英语 |
| 摘要 | This paper studies optimal monetary policy under dynamic debt deleveraging once the zero bound is binding. Unlike the existing literature, the natural rate of interest is endogenous and depends on macroeconomic policy. Optimal monetary policy successfully raises the natural rate of interest by creating an environment that speeds up deleveraging, thus endogenously shortening the duration of the crisis and a binding zero bound. Inflation should be front loaded. Fiscal-policy multipliers can be even higher than in existing models, but depend on the way in which public spending is financed. |
| 主题 | Macroeconomics ; Business Cycles ; Monetary Policy |
| URL | https://www.nber.org/papers/w20556 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/578229 |
| 推荐引用方式 GB/T 7714 | Pierpaolo Benigno,Gauti B. Eggertsson,Federica Romei. Dynamic Debt Deleveraging and Optimal Monetary Policy. 2014. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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